Washington: At a time when many countries are facing challenges on the fiscal consolidation front, India with its favorable interest rate growth differential has an advantage in addressing deficit concerns in 2013, International Monetary Fund (IMF) said on Tuesday. In its latest edition of annual Fiscal Monitor report, the IMF said there is an improved picture across most of the world in terms of countries getting a handle on their...
01:50 AM, Apr 17, 2013
Mumbai: The drop in headline inflation to a 40-month low of 5.96 per cent for March has increased the possibility of a rate cut by the Reserve Bank at its May 3 annual policy, analysts and rating agencies said on Monday. India Ratings said the cooling off in both core and general inflation readings, coupled with fiscal consolidation and reform measures undertaken by Government, will help RBI Governor Duvvuri Subbarao...
07:33 PM, Apr 15, 2013
Varanasi: The Reserve Bank of India will shortly cancel licences of 26 loss-making cooperative banks, including 16 in Uttar Pradesh, Deputy Governor KC Chakrabarty said. A capital of Rs 2,000 crore is required for running 16 cooperatives banks in the state and RBI may not cancel the licenses of these banks if the state government supports them, Chakrabarty told reporters on the sidelines of an event in Varanasi. Banking is...
10:14 PM, Apr 13, 2013
New Delhi: Expressing disappointment over poor industrial performance, India Inc on Friday pressed for rate cut by the Reserve Bank of India (RBI) to boost production and further revive the economic growth. Industry chamber FICCI said the RBI should intervene and cut interest rates. "The IIP data for February calls for serious attention. It is important that RBI focuses on bringing down interest rates to stimulate investments which will further...
05:32 PM, Apr 12, 2013
Bangalore: The Reserve Bank of India (RBI) would further ease its monetary policy if inflation comes down, the central bank's governor D Subbarao said Saturday. "We hope that as we go forward, inflation will come down and if that happens, it would be possible for the Reserve Bank to further ease monetary policy," Subbarao asserted at an interactive session of the Federation of Karnataka Chambers of Commerce & Industry (FKCCI)....
11:30 PM, Apr 06, 2013
Mumbai: In order to further rationalise money changing activities, the Reserve Bank on Friday allowed authorised money changers (AMCs) to sell Indian rupees to foreign tourists against international debit cards. This facility was earlier limited only to international credit cards. "...it has been decided that Authorised Money Changers (AMCs) may sell Indian rupees to foreign tourists/visitors against International Credit Cards/International Debit Cards," RBI said in a notification. RBI added that...
04:15 AM, Apr 06, 2013
New Delhi: Terming the current account deficit at 6.7 per cent of GDP in the December quarter as "far too high", Planning Commission Deputy Chairman Montek Singh Ahluwalia on Thursday said the country needs a strategy to deal with the problem. "I think (CAD) ... is far too high. We need a strategy that will have a lower CAD next year which I am sure we will get and also...
03:46 AM, Mar 29, 2013
New Delhi: Reserve Bank on Thursday notified 0.1 per cent reduction each in interest rates on Public Provident Fund (PPF) and Senior Citizen Savings Scheme (SCSS) to be effective from the fiscal beginning April 1, 2013. The rate of interest on PPF has been lowered from 8.8 per cent to 8.7 per cent with effect from April 1, 2013, RBI said in a notification. The rate of interest on 5...
06:51 PM, Mar 28, 2013
India's current account deficit (CAD) widened from 5.4 per cent in the July-September quarter to a record high of 6.7 per cent of GDP in the October-December quarter, driven mainly by huge trade deficit, said a release by the Reserve Bank of India. This is much higher than the 6.4 per cent estimated by a CNBC-TV18 poll. A surge in capital flows helped finance the current account deficit. "The pickup...
05:33 PM, Mar 28, 2013
Reserve Bank of India Deputy Governor KC Chakrabarty has given a clean chit to private banks named in the Cobrapost expose on money laundering. The Central bank said there was no systemic issue involved in the Cobrapost allegations. ...
08:30 PM, Mar 21, 2013
The RBI on Monday asked banks to issue new cheque books only under the new format and gave them time till July-end to withdraw the old format cheques. All cheques currently with customers in the old format (non-Cheque Truncation System) will continue to be valid for another four months (the earlier deadline was March 31), the apex bank said. ...
09:40 PM, Mar 18, 2013
In more trouble for the banks that were indicted in a recent Cobrapost expose, which caught some of the employees of HDFC, ICICI and Axis banks offering money laundering services, sources now say that the Reserve Bank of India (RBI) has sent its teams to those branches of the banks for an audit. The results of the audit is expected in two to four weeks. ...
04:26 PM, Mar 18, 2013
Taking cue from declining core inflation levels and sluggish growth trends, the Reserve Bank of India is likely to cut key policy rates by 0.25 per cent in its mid-quarter review on March 19, global investment banking majors have said. ...
11:16 AM, Mar 17, 2013
Foreign brokerage HSBC on Wednesday said the Reserve Bank will cut the policy rate by 0.25 per cent on Tuesday as the central bank is likely to boost growth amid some comfort on the inflation outlook front. The central bank may further reduce repo rate by 25 bps on Tuesday and make another equal cut in the second quarter of 2013, taking the policy rate to 7.25 per cent from...
11:38 PM, Mar 13, 2013
Indian services growth eased off the accelerator last month as new orders failed to keep up with January's blistering pace, a business survey showed on Tuesday, although companies remained optimistic about future business. ...
12:45 PM, Mar 05, 2013
The Reserve Bank on Thursday welcomed the General Budget, saying it has laid the foundation for lowering fiscal and current account deficits, apart from supporting both domestic and foreign investments. The central bank said the government's net market borrowing target of around Rs 5 lakh crore (budget estimate for the next fiscal is Rs 4.84 lakh crore) is manageable. ...
05:46 PM, Feb 28, 2013
Private banks operating in the country have detected and processed the maximum number of counterfeit currency instances in banking channels surpassing both public sector and foreign banks by a huge margin, an official report of the Finance Ministry has said. ...
04:50 PM, Feb 26, 2013
Jim Walker of Asianomics warns against holding high hopes from the government this Budget season. In an interview to CNBC-TV18, he says that expecting miracles or a big bang Budget could be a dangerous thing. However, he is hopeful that the government will deliver on its promises of the last four-six months. "We hope that we will actually hear about plans to bring down government expenditure, reducing the subsidy element...
07:04 PM, Feb 25, 2013
The Reserve Bank of India (RBI) released the final guidelines for issuing new bank licences on Friday . Rajen Shah, Chief Investment Officer, Angel Broking believes Aditya Birla Nuvo, Bajaj Financial Services, Cholamandalam Investment and Finance Company and Mahindra & Mahindra Financial Services will be strong candidates for a banking licence. ...
01:00 PM, Feb 25, 2013
The Reserve Bank of India today issued the much-awaited guidelines for new bank licences, allowing corporates and public sector entities with sound credentials and a minimum track record of 10 years to enter the banking business. ...
07:55 PM, Feb 22, 2013
